2023-03-31-accounts - Minik Kardes Ltd

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Legal and administrative	Information	Information
Report ofthe tmstees
Report ofthe auditors			4-7
Statement ofFinancial	Activities
Balance Sheet
Cash Flow Statement			10
Accounting policies			11-14
Nates forming part of	the financial statements		15-19
Detaged income gr expenditure		account	20
Page 20does notterm	port o/	the statutory accounts.

A	KVeer
5	Arsis n
H	Osman	(resigned 27/1/2023)
P	EDaniels
F	W Man	(appointed	22/04/2022)
E	M J J Van	Waeyenberge	(appointed	10/2/2023)

»»-Management	»»-Management		committee	committee	also, for the purpose ofthe Compirnles	also, for the purpose ofthe Compirnles	Act 2006,
company directors.
Company	secretary:				P EDaniels
Key management			&personnel		N Cossr-NurseryHead
					5Martin - Finance officer
Administration		and		registered
office:					53-55Balls Pond Road
					London
					N1 4BW
Charity registration			non		1067693
Company	registration			non	03076260(England	&Wales)
AudItors:					Christopher Michael Limited
					Chartered Certified	Accountants	&Statutory Auditors
					26 Station Rd
					New Barnet
					Herts
					EN5 1QW
Bankers:					Barclays Bank Pic
Funding	authorities:				LBof Islington
					Hackney Learning Trust

Rgln Jk Kardes Limited
(private Company Urnlted by Guarantee)
Dlrectom end Trustees Report forthe year ended 31ggerch	2023
(Continued)
Financial review
Total income for the year amaunted to62,633,864with total expenditure amounting				toE&664367 leaving a							surplus		in the year
of 889,497.
Accumulated reserves at the balance sheet date amounted to61,810,676,ofwhich			E1,471,798represent						income			reserves.
Investment powers end pogcy
The trurtees, having regard to the gquldlty requirements of operating the nursery,				have	kept s prrqmrtion						of avagable			gquid
funds In an Interest bewlng account to maxlmise the rate ofreturn,	although given			current		rates	ofInterest the					rate	of return			ls
minimal. The trustees wgl ravleW the position snd consider alterrwtlve Investments				to maxlmlse			returns		but will			continue		with		a
risk averse pogcy.
Reserves pogcy snd going corwern
The Trustees have undertaken a review of the charity's requirements for		reserves In gght			ofthe		main	risks to the organisation.
As part ofthis review the charity hss sat up two funds, namely a 'running		cast' and		'staff &		rnatemlty		fund' resenre,					in gne with
Charity Commission recommendatlons. The running cost reserve	ls to cover running costs of						tha charby				of between			3	to	6
months and as st 31 March 2023 stands at E405,000 which ls equivalent		to six	months		running costs.				Ths		'staff & maternity
fund' Is to cover future potential statutory gabgltles (redundancy,	unpaid	hogdsy	Ik monies			In geu of		notice)			should		the	charity
cease activities and asat31March 2023sends at 626,472,
Plena for future periods
Funding for the year 2023/24 hss been secured from L 8 Isgngton	and Hackney		teaming		Trust		with total grants receivable								for
the year ofE1,182,188for the Charities' core activities and tha slm ofthe Trustees				Is to	further		develop			the chgdren's				centre,
the provision ofnursery education and outreach services ln the Hackney &		Isgngton		areas.
Trustees responslbgltles In relatian tothe financial statements
The charity trustees Jwho sre also directors ofthe Company for the purposes of			company			lawl	are responsible					for	preparing			a
trustees' annual report snd financial statements In accordance with appgcsble law				and United			Kingdom			Accounting			Standards
(United Kingdom Generally Accepted Accounting Practice).
-select suitable accauntlng pogdes and apply them consistently;
-observe ths methads and prlndples In the Charities SOAP;
-make judgments and estimates that are reasonable and prudent;
-state whether appgcsble UK accounting standards have been followed, subJect to any material							departures
disclosed and explained In the financial ststementa
-prepare iinsndal statements on a going concern basis unless It Is	inappropriate to			presume		that the charity
wgl continue ln operation.
The trustees are responsible for keeping accounting records which	dlsdose with		reasonable			accuracy		at		any time the flnsndal
position ofthe charity and enable them to ensure that the financial	statements comply with the						Companies				Act 2006.They are
also responsible for safeguarding the assets of ths charity and	hence	for taking reasonable					stepr,	for the				prevention			and
detection offraud and othw Irregularities.
Directors and trustees
The trustees who are directors for the purpose of company law who have served rsqrort are set out on page l.				during		the year and				up	to	the	date	of this
Statement asto disdoswe toour auditors
In sofar as the trustees sre aware at the time ofapproving our trustees' annual report;
-there ls no relevant information, being Information needed by the auditor		In connection with preparing							their
report, ofwhich the company's auditor Is unaware; and
-the trustees, having made enquiries offellow directors and the company		auditor	that ther			ought to have
Indlvlduagy taken, have each taken ag steps that he/she Isobgged	totake	as a director ln			order		to make
themselves aware of any relevant audit Information and to catebgsh that		the auditor Is aware ofthat
information.
By orde ofthe oftrustees
A KINeer
Trustee fk Company DIrector					Dates 05					f/2		/2 4/2D

					Unrestricted/
				Restricted	Designated		Total	Total
			Nates	FuntLs	~Fund		~020r23	~2021 22
				3	E		c	1
Incomer
Donations snd restricted	grants		3	1,056,221		1,056,221		1,085,575
Income from Charitable actlvltler;
Nursery fees					559,882		559,882	555,845
Income from other charitable		activities
Fundralslng 86other income					37,161		37.761	9,133
Total income				1,056,221
gxpendlture
Expenditure on charitable	activities:
Direct Charitable expenditure			6	1,056,221	367,181	1,424,002		1,?61,832
Management and administration			7		140,365		140,365	129,670
Total expenditure				1,056221	6	3	3
Net Income/{expenditure)	and net movements
In funds before gains snd	lames on Investments
			18		89,497		89,497	259,051
Total funds brought fmwsrd					1,721,179	1,721,179		1,462,128
Total funds canted forward					1810676	1	810,676	1,721 179

hale(k Esrdes Umlted Statement ofcash gows Forths rended 31hwmh 2023
					2021/22
				Total	Prier year
				Funds	Funds
Cash flaws fmm operating acgvidsn				E	E
Net cash provided by (used In}operating	activities			274,215
Cash gows farm Investing acthades
Dividends, interest end rents from investments				1,825
Proceed from the rale ofproperty, plant and equipment
Purchase ofproperty, plant and equipment				(5,38U	(1,1S5)
Net cash Provided by /(used In) Irwsstlng	ccllltles			270,659	103,188
Change in cash and cash equivalents In ths reporting period				270,658	103,188
Cash and cash equivalents st the beginning	ofthe reporting		period	1,255,271	1,152,083
Cash and cash equivalents at the end ofthe reporting		period		2525„r}29	1,255,271
naconcgletlan ofnst mavement Infunds	to nst cash flaw		from operating actlvhies
Net movement In funds forthe reporting period (ssper		the	SOFA)	89,497	259,051
Adjustments for;
Depreciation charges				8,107	4,632
Dividends, Interest and rents from Investments (lncreasel/decrease In debtors Increase(deuease) In creditors				(t,825) 157,203 21,233	(68) (167,784) 8,444
Net cash provided by (used In) operating	activities			274,215	104,275
Analysis ofcash and cash equivalents
Cash In hand				1,525,929	1,255,271
Tolalcash and cash equivalents				2,525 r}29	~2255,272

1	Legal status ofths Tnn	t	t	t	t	t	t
	The Trust ls a company	Bmlted by guarantee						and has no share capital. In the event	ofthe charity tmlng	wound	up, the
	gsbglty In rmped ofthe		guarantee			Is	gmited	to61per member ofthe charity.
2	Flnendsl performance	of		the	shsrlty				2022/23		202f/22
											E
	Income									~2650.533
	Expendkwe on «heritable			activities					1,425,835	1,257,200
	Expenditure on managmncnt				and adlnlnlstratlon				140,365	129,670
	Depredation								8,207		4,632
									~1564	~391502
	Net Income								89,497	259,051
	Total funds brought forward								1,704,561	1,445320
	Total funds mrrlw! forward								~1794,058	~2704,561
	Represented by:
	Unrestricted funds								~2810676	222722 180
3	Income from Oonadons		snd		Grants
	Mlnlk Ksrdes
	Grants receivable
	L8Isgngton- Community			Unks							69,800
	LBH Household Support		Fund								40,000
	L8 lsgngton - G A P										8,463
	L8 Isgngton .N E0										9,337
	L8lsgnBton- Rabatss
	L8 lsgngton -5F5 C 18Isbngten -2Year old		Pgot						3,240		30,000 5,265
	L8Isgngton ~384YO								6,492		23883
	LBIsgngton bright start								100,000
	LBlagngtcn SENO										289
	LBlsgngton family kitchen			proJect							305
	Hackney additional restriction										10,350
	Hackney Learning Trust		- 2year old						23.591		9,D1
	Hackney LearnlngTrust		~ChSdren Centre						79,052		78,552
	Hackney Learning Trust		~Hesdcount/5				F F		26,272		65,264
	Hackney FE								21,861
	NHS Incredible Years								20,649		18,042
	NHS CITY antenatal										10,591
	Big lottery								157,160		123,996
	Greenlch university										3,500
	HCVS										7,000
	HMRC IRC										3,526
	Grant Aid								6,728
	Sunbables										6,910
	Tesco groundwork UK										1,000
	Csmpsboume school								1,000
	Speech support								9,817
	Other miscellaneous								599		697
	Factory
	LBIsgngton								523,447		538,021
	LBlsgngton:SEN								3,220		9,791
	LBlsgngton: EYPR								'l,708		4~7
	LBIsgngton: Maternity								8,492
	LBIsgngton:Bnghtstart								12,999
	LBIskngton; 2year olds
	LBlsgngton; Sd year olds								5,962
	LBIsgngtonr Mlsceganeous								1,845		7415
	EadY Years premium								2,142
	NONA
	Gmm sld								443
									~1056,221	~2085 75
e	Income from charitable		activities
	Nursery fees								~559882

							2022/23	2021/22
							6	f.
5	Income from other charitable			activities
	Fundraising						35,936	9,065
	Interest receivable						1,825	68
							~37761	9,133
6	Analysis ofexpenditure	on	charitable activities
	Staff &agency costs						1,063,179	986,714
	Other running costs						360,823	275,118
							1,424,002	1,261,832
7	Analysis ofgovernance	and	support cost
	Staff costs						120,218	116,681
	Audit and accountancy						12,890	12,103
	Legal &professional						6,377
	Bank charges						880	886
							140,365
8	Nst Income /(expenditure)		forthe year
	This Isstated after charging:
	Depreciation -owned assets Auditors remuneration for audit services						8,107 4,200	4,632 4,200
	Auditors remuneration	forother services					6,190	5,403
9	Analyses ofstaff costs,	trustee		remuneration		and expenses, and the cost of key
	manaaemsnt oersonnel
	Wages and salaries						946,476	891,818
	Redundancy						2,860
	Employers national insurance						77,822	69,899
	Employers Pension						17,572	18,384
	Agency &sessional staff						141,527	123,294
							1,186,257	1,103,395
	The average number of	staff employed			during	the year
	were as follows:
	Direct charitable						41
	Administration &support						3
								42

				Freehald	Offlce
				Property	Equipment	Total
14	Tangible flxed assets			f		f
	Cost:
	At1Aprg 2022			466,147	63,109	529,256
	Additions				5,381	5,381
	At 31March 20Z3			466,147	68,490	534,637
	Depreciation
	At 1April 2022			127,496	60,157	187,653
	Charge In year			4,661	3,446	8,107
	At 31Marsh Z023			~132157	63,603	195,760
	Nst book value
	At31March 2023			333990	~4887	338,877
	At31March 2022			~338651	2,952	341,603
15	Debtars
	Amounts due within one year.				2022/23	2021/22
	Fee Debtors				17,256	18,852
	Prepayments				9,638	5,980
	Grant fee debtor					161,665
	Other debtor				2,400
					29,294	186,497
16	Creditors
	Amounts fsfllng due within ane year:
	Other taxatian &social security				17,000	17,519
	Other credhors &	accrusls			66,424	44,672
					83,424	62,191
17	Deferred Income
	Deferred income comprise advance receipt ofnursery fees for			2022/23.
	Balance as at 1Aprg 2022
	Amount released to Income earned from charitable		activities
	Amount deferred	in the year
	Balance ss at 31March 2023

								2021/22
18	Analysts ofcharitable funds
	Analysis ofmovement		In unrestricted		funds
	Unr rioted - Functional fixed assets				reserve
	Balance at	1April 2022					345,081	345,081
	Movement	In year					(6,204}
	Balance at	31March 2023					338,877	345,081
	U re cted- e }res			e:
	Balance at	1April 2022					944,626	685,576
	Movement	In year					89,497	259,051
	Inter-fund	transfers					6,204
	Balance at	31Ivlsrch 2023						944,627
	D I nated-Staff &ms		er	und:
	Balance st	1April 2022					26,472	26,472
	Movement	In year
	Balance st	31March 2023					20 72
	~Rn in~ss~r
	Balance st	1April 2022					405,000	405,000
	Inter-fund	transfers
	Balance at	31March 2023					IS00	405,000
	Total							I, 2.
19	Analysis between fund		balances
						Unrestricted
						General	Desisnsted	Total
						8	6	6
	Tsn8ible fixed assets						338,877	338,877
	Cash at bank snd In hand					1,094,457	431,472	1,525,929
	Other net	current assets/(liabilities)				(54,130)		(54,130)

Analysis ofRestricted	Funds	Funds
					Balance	Incoming	Resources	Balance at
Funders name					1/4/22	Resources	Expended	31/3/23
					6	6	6	E
Mlnlk Kardes
L8 IsBngton - Community		Links
LBH Household SupportFund						28,000	(28,000)
18isgngton - GA P
L8 Islington - N E6						6,502	(6,502)
L8 Islington - S F5C
L8 IsRngton -2year old Pilot						3,240	(3,240)
LBIsgngton-38470						6,492	(srt52)
LB lsgngton-bright start						100,000	(100,000)
LB lsgngton family kitchen		pro)ect
Hackney additional restriction
Hackney Learning Trust -2year old						25,591	(25,591l
Hackney Learning Trust - Children			Centre			79,052	(79,052)
Hackney Learning Trust -		Headcount/5		F F		26,272	(26,272)
Hackney FE						21,861	(21,861)
Biglottery						157,160	(157,160)
NHS Incredible years						20,649	(20,64s)
Grant aid						6,728	(6,728)
Speech support						9,817	(9,817)
Campsboume school						1,000	(1,000)
Other mlsceganeous						599	(599)
Factory
LB Isllngton						523,447	(523,447)
LB lsllngton: SEN						3,220	(3,220)
LB Isgngton: ETPR						4,708	(4,708)
LB Isllngton: Miscellaneous						1,845	(1,845)
Islington Maternity						8,492	(8,492)
LB Isgngton Bright start						12,999	(12,999)
LB isRngton 3-4year	olds					5.962	(5,962)
Early years premium						2,142	(2,142)
Grant aid						443	(443)
						1

P(sandal commitments	P(sandal commitments
Total future	minimum	lease payments	under operating	leases:
					2022/28	2021/22
Within 1year					1,005	1,992
Within two	to five years					1,508
					1005	3,500